Land Rover Range Rover (P38)

The P38 Range Rover median has collapsed to $11,000, down 25 percent over the past year on a thin sample of just three tracked sales. This sharp depreciation and the sell signal reflect a market struggling to find conviction in these 1994–2002 examples, despite their status as stable modern classics.

Liquidity remains a persistent constraint, with only four sales tracked in our database and zero active listings at present. Thin transaction volume makes pricing volatile and exit strategies uncertain for sellers, particularly in the current softening environment.

The typical P38 in the market carries around 92,000 miles, suggesting that well-preserved, lower-mileage examples are still in circulation. Condition and service history have become critical differentiators as the model ages, but cosmetic and mechanical issues remain expensive to resolve.

The model carries a collectibility score of 5 and sits in the stable modern classic tier, though current desirability is rated low. The P38's combination of rust vulnerability, electrical complexity, and parts availability challenges has tempered collector interest relative to other fourth-generation vehicles.

Base projections hold the median flat at $11,000 through both 2027 and 2029, suggesting stabilization after recent losses rather than recovery. Without a clear driver reshaping buyer appetite—whether improved parts networks, cultural reassessment, or tighter supply—momentum remains sideways to negative for the foreseeable term.